Stewarts Law has recorded double digit revenue growth of 14% to £53m for the 2014/15 financial year while Watson Farley & Williams announced it had consolidated the strong financial performance it achieved last year with a 7% increase in revenue from £117m to £125m.
Stewarts Law’s top of equity now stands at £1.5m as net profit rose 12% to £23m with managing partner John Cahill saying his firm will retain its dispute focus with increasing emphasis on its international practice. In its 25th year, it can now boast a place in the UK top 70 and is the UK’s largest disputes specialist.
Cahill said: ‘Another very busy year for Stewarts Law with three new partners appointed, a new tax litigation department launched and further strong growth recorded. At the start of our 25th Anniversary year, it was particularly pleasing to see total revenue break through the £50m barrier with profitability holding firm.’
Last year the boutique confirmed a small increase in revenue for 2013/14, up 3.5% to £46.8m from £45.2m in 2012/13. Profits per equity partner stayed at £1.1m, the same figure in 2012/13.
Meanwhile, Watson Farley’s extra turnover is also expected to see partners at the firm receive an income bump with an 11% rise in their points value. Revenues at the 14-office firm have steadily increased in recent years, with last year’s results showing a 14.6% jump from £102.1m to £117m. The firm broke through the £100m revenue barrier in 2012/13, reporting an increase of 2% to £102.1m, up on the previous year’s £99.8m.
Watson Farley co-managing partner Chris Lowe also said the partners’ rise in point value on last year ‘together with the increase in firm-wide revenue represents another very good year for the firm. We continue to see the benefits of our strategy of investing in our core sectors and increasing the breadth and depth of our services offering.’
Fellow co-managing partner Lothar Wegener added: ‘The increase in profitability is very pleasing in the context of the significant investment we have made in the firm this year. We have opened a very successful new office, brought in a number of notable lateral hires and continue to invest heavily in our systems, infrastructure and technology.’
This year saw the firm make a strategic play to build its debt capital markets offering with the hire of finance partner duo Rob McBride and Sian Withey from Fried, Frank, Harris, Shriver & Jacobson’s City office. In September it made investment abroad with the launch of its first office in the Middle East, with asset finance partner Andrew Baird leading to establish a base in Dubai.
sarah.downey@legalease.co.uk
